Yemisi Edun, MD/CEO, First City Monument Bank (FCMB), has said that the FCMB-Mastercard Foundation collaboration underscores the growing need of purpose-driven finance in promoting inclusive economic participation and sustainable development across Nigeria.
Edun made this known during the recent Mastercard Foundation's annual partners' convening held in Lagos.
"We are proud of what this partnership has achieved. It reaffirms our commitment to creating opportunities for individuals and communities through inclusive and innovative financial solutions," she said.
According to her, the partnership has created over 120,000 jobs, while more than 25,000 entrepreneurs have been trained in business and digital skills nationwide.
At the convening, Mastercard Foundation commended FCMB for deepening access to finance through its agent banking and group-lending channels, which bridged financial services among unbanked and underbanked Nigerians at the grassroots.
According to Edun, the recognition highlights the success of a three-year partnership between FCMB and the Mastercard Foundation, which has provided affordable financing and business support to 98,390 individuals and MSMEs across Nigeria.
She also stated that about 93% of the beneficiaries are women and youth aged 18 to 35, reflecting both organisations' commitment to youth and gender inclusion in economic growth.
FCMB received an award of recognition from the Mastercard Foundation for its outstanding efforts in advancing financial inclusion for grassroots entrepreneurs across Nigeria.
Launched in 2022, the joint initiative was designed to support individuals and MSMEs adversely affected by the COVID-19 pandemic.
The initiative offers loans at a single-digit interest rate of 9% per annum, enabling businesses in key sectors, including agriculture, renewable energy, the creative industry, and the digital economy, to recover and expand.
According to the bank, over ₦32.5 billion has been disbursed to date while maintaining a healthy loan portfolio.
FCMB's initiatives like capacity building training, and tailored loan products, have supported improved well-being, higher incomes, stronger savings habits, and job creation through business growth.